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Condos in norwood go up in value by 10% each year. if gregory family's condo is now worth $160,000, what will it be worth in 5 years? i will give brainliest to the person that answers first.

Sagot :

Altavistardidn

Answer:

$257,681.60

Step-by-step explanation:

What's happening here is called "compounding," and the appropriate formula is  A = P(1 + r)^t, where r is the rate of increase as a decimal fraction.

With the given data, we have:

A = $160,000(1 + 0.10)^(5), or:

    = $160,000(1.10)^5, or:

     = $160,000(1.6105) = $257,681.60 :  condo value after 5 years

 

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